EUR/USD has been under pressure over the past several weeks as the debt crisis intensifies and the ECB becomes increasingly dovish. The pair has consolidated higher over the past day in what appears to be a bear flag as seen below on hourly candlesticks. A break of the bear flag

GBP/USD has come under pressure in recent weeks and has been trading in a bearish channel since the end of August. This can be seen by a series of lower highs and lower lows as identified in the chart below. The pair has tested resistance on Aug 29, Sep 6,

The commodity currencies, AUD, NZD, and CAD are sliding sharply in early US session. The USD is also very strong. Below are USD/JPY, AUD/USD, USD/CAD, and NZD/USD 5-min charts.

The USD/JPY is rallying despite risk aversion. This shows that at the moment, with QE3 out of the way USD is attracting safety flow, but against the JPY, its strength should be checked. At this point, only a rally above 78.00 would start to build evidence of a bottom.

AUD/USD has slid below 1.06, and now the 1.0535 pivot, opening targets for 1.0345, and 1.0260.

NZD/USD is sliding very aggressively and like AUD/USD has shown reversal after a bullish August. 0.8160, and 0.80 are bearish targets from the opening weakness.

USD/CAD is targeting parity 1.0. The NFP hurt the CAD more than it did the USD.

As I was wrapping up this article, the market is breaking above 1.4450. So, let’s anticipate the rally towards the 1.45-1.4517 high and if we can close above that today. Still, be careful of volatile action below 1.4517.

EUR/USD’s recent volatility has been high, but contained within the ranging context. If

A lack of positive Merkel-Sarkozy meeting developments and signs of moderating growth in the EZ core (German GDP was +0.1% vs. consensus +0.5% QoQ rise have put a dent in the recent EUR rally. EUR/USD upside has so far been capped ahead of the psychologically and technically significant 1.4500

This week the Ministry of Finance in Japan confirmed direct intervention in the markets and the Bank of Japan (BOJ) announced additional asset purchases to 15 trillion yen (from 10 trillion yen) at an early conclusion of its Board Meeting. The measures were taken in an attempt to regain competitiveness

The NZD/USD has stalled its strong bullish run near 0.8765. In the US session, risk aversion propped up the USD, and we are seeing a sharp correction as NZD/USD falls to the 0.8690 support pivot, cracking it.

The 0.8675 pivot is the lower level in this range of support, coincident with

The EUR/GBP broken below a rising channel yesterday, and we saw a corrective rally ahead of the US session.

In this session of the week, we are seeing an attempt to confirm the breakout.

A break below 0.8748 further confirms the breakout, as well as a dip in the RSI reading below

The AUD/USD is consolidating after a strong swing from 1.0440 area that was developed in a 5-wave or motive-wave manner.

The RSI shows the bullish momentum intact.

It looks like we completed a 3-swing correction and could be ready for a bullish continuation.

GBP/JPY is seen in the 1H chart attempting to rally from a bottom made above 128.20 area. The RSI is pushing above 60, a sign of weakened bearish momentum.

A 5-wave wedge count is complete, and the market is showing bottoming action. However, the rally is still vulnerable to the prevailing